Believe it or not, with inflation nearing 9%, it turns out that one job simply isn't good enough to cut it anymore.
At least that was the findings of a new study from Insuranks, that found that 93% of working Americans today have a side hustle. Popular side hustles include Uber, Etsy, DoorDash, and Depop, the report says.
The study found that 50% of people who had a side hustle were women and 49% were men. It surveyed 1,006 full-time and part-time Americans workers about their side hustles and income, and respondents were 49% female, 49% male, and 2% transgender/non-binary. The age range was 18 to 84, with an average age of 37 years old, the report said.
The study also found that just as many Americans are working two side hustles as they are one. More than 10% of people included in the study said that they had three side hustles, with some participants even disclosing 4 or 5 different side hustles.
The study found that taking online surveys and selling items online were the two most popular side hustles. It also found that most Americans are working extra "for something to do and a bit of extra cash". 44% said they are doing it to make ends meet and cover bills.
The study found that men make about $596/month on average from their side jobs, and women make about $378 on average. 90% of those responded say they enjoy it and 41% said they like it more than their full time job.
Tellingly, 51% of people surveyed said they are considering taking up an additional side hustle due to inflation:
The study concluded:
Working Americans are dedicating an extra 13 hours per week on average to their side hustle. That’s an average hourly wage of $37. 35% have worked a side hustle for more than three years. 20% have worked their side hustle for two years, and 16% have worked their side hustle for over one year. 26% have had their side hustle for less than a year.